Company News

UPDATE 1-RIM withdraws hostile takover offer for Certicom

VANCOUVER, British Columbia, Jan 20 (Reuters) - Blackberry maker Research in Motion Ltd RIM.TO withdrew its C$66 million hostile takeover offer on Tuesday for Certicom Corp CIC.TO, saying a Canadian court ruling had left it no option.

Monday’s Ontario Superior Court order granting Certicom’s request for an injunction meant the conditions of the offer made in December could no longer be met, RIM said in a statement.

RIM offered of C$1.50 per share in for Certicom after the Mississauga, Ontario-based maker of encryption software spurned an attempt at a friendly deal.

Certicom said RIM’s offer undervalued the company. (Reporting Allan Dowd, editing by Leslie Gevirtz)